A new scratch-off lottery ticket is being designed. The initial proposal has a prize of $206 and odds of winning of 1 in 567. The cost of the lottery ticket is $2.00. What is the expected value of the lottery ticket from the point of view of the player? Remember that when winning the lottery, you still have to pay for the cost of the ticket!

Q: An insurance company claims the probability of surviving a certain type of cancer is 30%. What are…

A: The objective of this question is to convert the given probability into odds. Probability and odds…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: According to the provided information, the number of tickets they will sell is 900 and the cost for…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: From the provided information, the total number of tickets they will sell = 700. So,

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A:

Q: At a local fair, a raffle is being held. There were 1,067 tickets were sold for $10 each. There is…

A:

Q: The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs $5.…

A:

Q: A test has three parts. Part A consists of nine true-false questions, part B consists of three…

A:

Q: Suppose you were asked to calculate the probability that the price is greater than or equal to…

A: Given: Suppose you were asked to calculate the probability that the price is greater than or equal…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: From the given information we want to find expected value of profit.

Q: Camila sets up a passcode on her smart phone, which allows only five-digit codes. She has heard that…

A: Given : The passcode consists of 5 digits  Out of 5 digits one digit appeared 2 times (because…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: It is requested to calculate the expected profit for one ticket. Cost of one ticket = $ 8 Total…

Q: If the odds for a certain event are 25 to 27, what is the probability of the event occuring? Write…

A: Odds against = P(against)/P(favor) total number of occurrences = 25+27 = 52 P(event occurring) = ?

Q: You are Vice President of Ticket Sales for Toronto FC. The average price of ticket is $20, and you…

A: It is given that the average price of the ticket is $20. It is expected to sell 8000 tickets on any…

Q: 50 raffle tickets were sold for $5 apiece, with a chance to win a flat screen TV values at $700.…

A: The price can be won only one of the ticket out of 250 raffle tickets  So,  P(win) =1250P(Loss) =…

Q: You pay $20 to enter a raffle.  The first ticket drawn wins $912, the second ticket drawn wins $481,…

A:

Q: Kiara sets up a passcode on her tablet, which allows only six-digit codes. She has heard that it's…

A: Kiara sets up a pass-code on her tablet, which allows only six-digit codes. She has heard that it's…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A:

Q: You play a gambling game with a friend in which you roll a die. If a 1 or 2 comes up, you win $5.…

A: Given that, When a die is rolled then, If a 1 or 2 comes up, you win $5 otherwise you lose $4

Q: The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs $5.…

A: Using the given info we make a table Winning amount (xi) 96 0 Total Frequency 1 (210-1)=209 210…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Selling price of ticket =$9Total ticket sell =8001 prize of $3000,4 prize of $200 and 18 prize of…

Q: The average number of relief goods your household receives during a pandemic is 3 per month. What is…

A: Let X : be the random variable having the number of relief goods household recieves during…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A:

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given: $10 each and sell 800 tickets one $1000 ground prize four $ 200-second prize fifteen $20…

Q: If the probability that a randomly chosen college student takes statistics is 0.34, then what is the…

A: The probability that a randomly chosen college student takes statistics is 0.34. The probability…

Q: Suppose you want to play a carnival game that costs 5 dollars each time you play. If you win, you…

A: The ticket cost of the game is 5 dollars.

Q: expected value per ticket from the standpoint of the charity?

A: As a fundraiser, the local charity is raffling off a prize worth $500.00. They plan to sell 1300…

Q: On average, what are the odds

A: You are a Product Manager for Hockey Equipment working at an Internet-based sports equipment…

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A: It is given that the a raffle ticket costs $5 and there is 1 winning ticket out of the 180 tickets…

Q: The high school soccer team has a history of winning 50% of the games it plays on rainy days and 60%…

A: We have to find given probability.

Q: Suppose the probability of a soccer team winning a playoff game is 0.80. What are the odds of…

A: Answer:- Given, The probability of a soccer team winning a playoff game is, P(A) = 0.80.  So, The…

Q: The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs $4.…

A:

Q: The chance of winning a lottery game is 1 in approximately 22 million. Suppose you buy a​ $1 lottery…

A: P(win game) = 122 Million = 122000000 winning amount = 6 million $ = 6000000 ticket prize $1 P(lose…

Q: If the lottery costs $1 per ticket, what is the expected net cash if you buy one ticket?  Please…

A: The expected winning amount is given by :   Price (in $)   ( xi ) Probability ( pi )…

Q: An airline sells traveler's insurance for its flights. The a 1 6100 for the airline? Round final…

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Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A:

Q: A booth at the school carnival prepared 30 grab bags offered for sale for $3.00 a bag. Ten bags…

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Q: If the probability of a person losing on a scratch-off lottery ticket is 0.955, the odds of losing…

A:

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.